所有不受监管或监管不足的证券交易市场本来就是不稳定的,这为沪深两市在最近一段时间内的剧烈动荡的本质提供了解释。近日,大量中国媒体将沪深股市在最近一段时间内的剧烈动荡所反映出的市场“不稳定性”同华尔街证券交易所的“稳定性”进行对比。而在这一过程中,一个简单的事实被忽略了,那就是所有不受监管或监管不足的证券交易市场本来就是不稳定的。同样是在近期,美国国会也就同一问题展开激烈争论,如果 All unregulated or under-regulated securities markets are inherently unstable, providing an explanation for the volatile nature of the Shanghai and Shenzhen stock markets in the recent period. Recently, a large number of Chinese media have compared the market “instability ” reflected in the recent turmoil in the Shanghai and Shenzhen stock markets to the “stability” of the Wall Street Exchange. In the process, a simple fact has been overlooked, that is, all unregulated or under-regulated stock exchange markets are inherently unstable. Also in the near future, the U.S. Congress has heated arguments on the same issue if